OpenSea has become one of the most popular marketplaces for NFTs. It’s also the first to release such a platform in the past. It has seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs, then starting from an appropriate marketplace can give you the leverage you need. That’s why we made this review – OpenSea has always been the most popular NFT marketplace. But is it the right choice for you?
Before you go on our review, we’d like warn you. This review is quite lengthy. If you prefer to take a look at videos instead, take a look at this channel’s review. They’ll walk users through OpenSea and its features so that you understand everything before you jump in with NFT trading.
For those who prefer to read, let’s look through what it is prior to we look into its fees and what it can offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft India
OpenSea offers a market that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can buy, sell, and trade NFTs with other users.
The NFTs that are available aren’t restricted to art, music, game items, and domain names.
It was founded in the year 2018 by Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectibles. It was also among the first NFT marketplaces, a concept that is similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs which is constantly growing. The most appealing aspect of them is that they allow users to list NFTs bought or created elsewhere.
What is the process behind OpenSea operate?
If you’ve previously been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea All of the assets listed in the marketplace are held by the users, not by the platform. Since they are an uncentralized marketplace, they use intelligent contracts so that users can communicate with potential buyers without putting at risk losing their NFT ownership.
This means that unless the transaction is complete your digital assets will never be removed from your wallet. Moreover, you aren’t required to make your account. All you require is to have a web3 supported wallet.
If you’re a buyer you can use their search engine to search for NFTs that you’d like to buy. There are filters that can make your search easier.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available from OpenSea?
There are about 200 types of NFTs you can purchase through OpenSea. There are eight categories to which they usually belong. Let’s take a closer look at each.
Music
Music could be among the most well-known NFTs of all time. It’s not just limited to songs only; you can also purchase mixtapes remixes of beats, remixes, or whatever an artist has to offer. You can also purchase background noises like rain, indistinct chatters or various other sound effects.
Collectibles
Before NFTs were popular, a few individuals were interested in collecting items like baseball cards, film props, or the older technologies.
For NFTs, it is possible to collect avatars and digital pet, and other characters that can be traded or collected. The more rare they are, the more value they have. They also have variations like Nyan Cat and CryptoPunks.
Art
Art has always been among the most sought-after NFT since before NFT came to be. Today it is possible to create digital artworks. This isn’t just limited to illustrations and digital paintings. It is also possible to collect gifs images, photos, or videos of short length.
Trading Cards
There is also the possibility of collecting digital trading cards, such as those from Sorare or BCCG.
Sports
The digital objects associated with sports can also be collected, for example, animated team logos.
Virtual Worlds
VR space and other elements are now available for purchase. You can buy these metaverses and other things such as game items and the VR environment virtual objects, characters, or even virtual worlds. One popular instance can be Axie Infinity.
Utility
As far-fetched as it sounds, you can also buy NFTs that have specific capabilities. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites are now considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down from any person. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the selling options?
Selling on OpenSea is simple. All you have to do is list your products on the marketplace. All you need to do is to ensure that your account is linked. After you’ve entered your bid and auction type and you’re ready to go.
For first-time sellers who are first-time sellers, you will be subject to a one-time gas fee.
Currently, you can choose from five options for selling. These are:
Fixed Price
The seller will be the one who will be charged the cost that is the NFT. Just as the name suggests, it never changes.
Dutch Auction
For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will decrease over the course of. Sellers generally set high prices. With time, the value will decrease until it is comparable to the price the buyer is willing to pay. Furthermore, the buyer may also make an offer to the seller. The NFT is sold after they agree on a price.
English Auction
The seller puts up an NFT for sale and will list a minimum price. It’s opposite to the Dutch Auction, where the price will decrease over time. In the English Auction, buyers will make bids until the seller is able to sell it for the most expensive bidder.
OpenSea can automatically take over the bid if the auction ends above 1 Etherium.
NFT Creation
You can also mint your own NFTs using the platform. You can then sell them in the marketplace.
Bundles
If you want to sell multiple NFTs under one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be included in the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to impose charges to use the platform. While the fee charged varies per platform, it’s usually proportional to the cost paid by the buyer. This is similar to how traditional galleries earn money by gaining a percentage of the paintings that are sold.
With OpenSea, you will only be charged 2.5% when you purchase an NFT. There are no listing fees and other types of surcharges involved. Other marketplaces charge 5% per sale, making OpenSea’s 2.5 per cent fee competitive.
However, you must be aware that certain NFTs charge higher transaction costs compared to others. This can vary between each seller. Certain artists may also receive an additional sales commission apart from the standard 2.5%.
In addition, trading on Etheruem is costly. Your NFT collection will only be issued as a valid, non-fungible token following the time your NFT bid has been accepted. The price for this process will be based on the market, but you can expect it to be about $100 per NFT.
It is also important to be aware that some NFTs have additional commissions. For instance, game developers are paid as much as 15% commissions on the products they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. This means that you can’t make use of PayPal, credit, or debit cards for payment or transfer funds. Nft India
The NFTs can only be purchased or traded when your cryptocurrency is supported by OpenSea. Here’s a list of the wallets and blockchains they can support.
Blockchains Supported by OpenSea
- Klatyn
- Ethereum
- Polygon
Wallets Supported by OpenSea
- Portis
- Fortmatic/Magic
- MetaMask
- Arkane
- Coinbase
- WalletLink
- TrustWallet
- Dapper
- Torus
- Authereum
- OperaTouch
- Bitski
- WalletConnect
- Kaikas
What are the pros and cons?
Let’s look at the advantages and drawbacks when using OpenSea.
Pros
OpenSea can be decentralized making transactions safe and nearly impossible to be scammed. Additionally, it is possible to invest with NFTs even if you don’t have any experience or expertise in coding or blockchain. Nft India
They also offer a range of digital currency, which makes their platform one of the most popular NFT marketplaces. The platform’s low fees are also an excellent method to earn more income.
Cons
Although it is decentralized and offers one of the largest NFT collections, it still has its limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat and no support for payments with currencies like USD or Euros.
It is also necessary to create your crypto wallet to sell or buy from the platform.
Bottom Line
Like cryptocurrencies NFTs are also expanding over the past few years. It’s very innovative and odd, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that can cater to a broad range of NFTs. More categories can be involved when the market is integrated with financial decentralization.
The OpenSea ecosystem enables its users to make transactions without worrying about privacy or security. In addition, it doesn’t cost users high fees. A 2.5 percentage cost on your sales appears reasonable, considering some marketplaces can charge as high as 5 %.
All in all, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft India
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser users can utilize. In the event that you’re trying it through your mobile phone, your browsers must work with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be topped up for you to start.
Does OpenSea has a support team?
Yes they have a customer support team you can contact through its contact forms. Visit their official website and look for “Submit a request.”
Can you mint at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and add the item to your collection. If you’re ready for selling the items, post them for sale. This is gas-free and easy, but you can also check out their tutorials.
What are gas fees?
The gas fees refer to transaction charges from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven in accordance with the current market conditions, therefore they constantly change every now and then.
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can use. If you’re using it on your phone on the go, your browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. In addition, it must be fully charged to start.
Does OpenSea has a support team?
Yes, they have a support staff that you can reach via their contact form. Just go to the official site and look for “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and add an item in your inventory. When you’re ready to sell the items, post them for sale. It’s simple and free of gas, but you can also go through their tutorials.
What are the costs for gas?
The gas fees refer to transaction charges from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. The prices are driven through the marketplace, so they change at regular intervals.
